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have suffered. it's a low-interest environment, which makes stocks the only liquid investment game in town and that explains the market we're in. joining me is the the chief economist at rbs securities and ned riley, the ceo. i have laid out why the fed has fuld the rally. when you buy a stock, you're buying a share of its earnings. the price to earnings ratio used to figure out the value of a stock is still low. let's take a look here. i want to show our viewers. the s&p 500 is seeing average earnings of 15. that's the bottom bar. that's half of where they were. lower than where they were five years ago when the dow was trading at about where they are now. that makes me think this isn't just the federal reserve. what do you think? >> it isn't. as a matter of fact, the fear that's in people's hearts right at the moment, it reminds me of rodney dangerfield. the market has no respect. nobody has respect for this market that it is real. clearly we're seeing the public and institutions, i might point out, have been lowering their equity exposure. the the public only has 30% in ek equit
, and we need to really realize that we are still in a very slow growth environment. >> well, robert, let me ask you about earnings and whether or not we are going to see an upset once we start getting the numbers for the first quarter. the s&p capital iq is expecting earnings growth for the s&p 500 of 0.6%, no great shakes, that's for sure. >> i agree with that maria. and i think this has really become a position in the market, where we have had a great run. so you don't necessarily go out there with the broad-based index. you have to look at selective stories to invest your money in right now. the transports, first and foremost to us, were looking a little bit overvalued anyway. but if you break the transports down and you look at a company like csx or a norfolk southern, for example, those companies have continued to hit highs this week, and that's based off of valuation. fedex was a company, in my opinion, that was priced for perfection, they came out and reported lousy earnings and that doesn't surprise me. i think u.p.s. is a much better company. they didn't get hurt nearly as bad.
's a real big play. i'd love to know how citi holdings is doing in this rising environment. >> there's a lot to like. i like citi here and there you have the opening bell here. visa celebrating five years of trading on the nyse and at the nasdaq, the academy of nutrition and dietetics celebrating national nutrition month. >> by the way, speaking of banks and refinancing, the american consumer continues to refinance their household debt either through a refi of their actual home or taking out another credit card with a zero balance or low-balance offer and transferring the balance. visa was a $69 stock two years ago and it's opening today at about $159, right? >> look at that gain. in a market where people are still weak and we still have a tough consumer. >> remember, big international play. >> yes. much more so than ma. >> and it's just a very well-run company. >> a lot of american guys who have been good and have also been run by a foreign individual, and i don't mean to be phonetic, but this is a big worldwide company. >> i changed banks recently because my bank ceased banking so i got a
grew up in many an environment -- in an environment where we did tend to look to the west for support or help, but i have a lot of friends who grew up on the other side of the divide who don't see the u.s. the way my friends or my family do. but inevitably, america's a superpower, and it comes with sharp elbows sometimes and big motorcades and big fortresses as embassies. and that can be a bit grating on the local population. so it was really interesting or perhaps, um, revealing for me to be on the other side all of a sudden. it's just a totally different prism through which to look at the issue, to look at the eshoo, the to look at my own country. and i arrived, you know, i'm in the convoy, and i'm sitting there in the convoy and just a few cars ahead of me is another car in that same motorcade surrounded by security escort. this is the secretary of state, and there is jeffrey feldman, um, who is now assistant secretary of state at the state department who used to be ambassador to beirut, and it was his convoy that used to annoy people in beirut, that used to annoy me when i was stu
marriage fidelity. trouble is, it's not going to happen in the current political environment. we're having a situation in which, as the debate over the sequester unfolded, you had republicans saying, this is terrible. it's going to open us up and it's serving iranians, but not a penny of tax increases. no way. in that political environment, it's an unrealistic thing to expect any kind of grand bargain and we don't want to hold short-term economic policies hostage to having this grand bargain that i'd love to see but isn't going to happen right now. >> let me ask you about the last graphic about japan. japan looms large and you spend a lot of time working on it. you came to my attention first when you wrote a book about the, you know, japan-style depression economics and the age of diminished expectations. >> no, japan was the full-scale dress rehearsal for what we're going through now. japan is, people who were studying japan in the 1990s are the ones who are dreading what actually happens. >> when you look at japan. one thing you say, you're glad that the fed, the japanese central bankers
world peace and marriage equality. the trouble is it is not going to happen in the current environment. we have a debate as the sequester unfolded you have republicans saying this is terrible. it will open us up. it is serving iranians but not a penny tax increase. but in that environment it is unrealistic thing to expect a grand bargain and we don't want to hold short term policies hostage to have a grand bargain i'd love to see but isn't going to happen right now. >> this last graph is about japan. you brought it to my attention. you wrote a book at about the japan economics and the -- >> that's right. >> japan is the full-scale dress rehearsal for what we are going through now. people studying japan in the '90s were dreading what happened. >> if you look at japan, one thing you say is when you look at japan now you are glad the japanese central bank is finally doing something. you often argue that japan didn't do enough in terms of stimulus. i want to show you japan's debt to gdp. i guess if this isn't enough, than what is? look at what they spent, it paved every roadway and highway
creation," pope benedict xvi called upon the faithful, and i quote -- "to protect the environment and to safeguard natural resources and the climate, while at the same time taking into due account the solidarity we owe to those living in the poorer areas of our world and to future generations." in his inaugural mass this morning, pope francis said, and i quote -- "please, i would like to ask all those who have positions of responsibility in economic, political and social life and all men and women of goodwill, let us be protectors of creation, protectors of god's plannen scribed in nature -- plan inscribed in nature, protectors of one another and of the environment. as early news reports indicated, the new pope chose his papal name, francis, out of respect for st. francis' sense of obligation to god's creation, and he noted in one of his very earliest comments that our relationship with god's creation is not so good right now. and of course, the pope is not the only one. ecumenical patriot remark bartholomew 1 of constantinople, the spiritual leader of orthodox christians, urges u
, whatever that kind of environment, -- whatever the kind of environment exists in government a lot of wasteful spending and ine fresh sei. there was. the department made clear who was in charge of what. the new or disciplined environment will better enable the -- ensure that all of the operate more cohe'sive and effective agency. they used to have a dismal record when it came to contracts without competition. the departmental leadership has been aggressive in turning the record around. last month a report showed a spending on noncompetitive contract of fiscal year 2012 fell by 90% from 2008. that leaves about $3 billion in contract dollars, that previously spent without competition, now being spend in a manner that gets better value for taxpayers' dollar. competing contracts now that most other agencies. the department is also revamped the process for identifying technological solution at border. they moved away from the model which was contract to a single company to build a virtual fence across the southern border. an effort that went forward without identifying what the border p
healthy, but i did it. and i noticed him talking again and again about the environment. and how proud she was of his achievement in cleaning up the aerts and of the water. he said it and he was proud of it publicly, and yet on the tapes you have him grousing about it not once or twice, but constantly, identify and environmentalism with liberals saying that we have made a mistake. we shouldn't do this. and if i ever have a choice between jobs and the environment, i always go with jobs. don't ever forget it and fire people that say they should go for the environment. it is so hard to understand. on the one side but he said publicly in the state of the union address, not once but three times that i listened to, what you would want and you actually expect bill clinton it's not president obama to say. but privately he is grousing. do you see in the 50's a man that is at war with himself over what he believes? >> i can see that. one of the most interesting things following this thread of mixing and civil rights, i mentioned the trip to africa and 67, and that's where we met martin luther king,
, whether for me or others in lebanon. i grew up in an environment where we did tend to look to the west for support or help but i have a lot of friends who grew up on the other side of the divide who don't see the u.s. the way my friends or my family do. but it comes with sharp elbows sometimes and big motorcades. and big fortresses as indices. that can be a bit grating on the local population. so it was really interesting for perhaps revealing for me to be on the other side all of a sudden. it's a totally different person to which to look at the issue and look at the issue, to look at my own country. and i arrived. i'm in a convoy and i'm sitting there in the convoy and just a few cars ahead of me is another car. in the same motorcades surrounded by escort. there is the secretary of state and there's jeffrey spellman who is now secretary of state for the state department used to be ambassador to beirut. it was his convoy that used to people in beirut. they used to annoy me when i was stuck at an intersection waiting for him to drive through. and i think it's always worth remembering th
continued to hold firm or even uptick in this environment so we're not seeing that capital that is so vested in that market move into the equities. so we're gonna keep an eye on that. > >thank you jeff. fed chair ben bernanke made note of some economic strides -- following a two-day fed meeting..... bernanke told reporters there have been improvements in the labor market, and moderate economic growth. he adds, the bond buying program will remain in place, until there is a larger drop in unemployment. but when we see that the conditions -- or the situation has changed in a meaningful way, then we may well adjust the pace of purchases in order to keep the level of accommodation consistent with the outlook and, secondly, to help provide the markets with some sense of progress -- how much progress is being made so that it can make better judgments. bernanke avoided commenting. whether he will stay on for another term, only stating he talked to president obama about it "a bit." and regarding cyprus, the fed chair calls the situation "difficult" but not a risk to the u.s. financial system.
related to each other, as long as the current environment exists as it does come interest rates as low as they are, there's really no incentive for washington to get back together and fix the fiscal situation because they are not forced to. so you say they will be by when, 2015, middle of the year? it'll be a while, in other words. dagen: it will be a while, but the good news is the budget deficit is actually declining. suggesting a decline for the next three years, so there's a little bit of time in washington to get it right. it is not as imminent, you have not done sequestration, but it is still the fed, all about the fed. what the market will be focused on is not so much when they will raise rates because that is forever into the future, but will they be skimming back the 85 billion in purchases? i don't think there will be any sign that will happen. i think it is helping the economy. connell: you agree with the policy? >> i agree with the policy, but what is propping up the stock market is the better economy. and i cannot attribute that alter the fed. a lot of people don't think t
, job growth will continue to be over 2,000. and i think in that kind of environment, the fed will start to taper the pace of qe. sometimes in q3 and, yes, by the end of this year, i expect the qe to stop. but rates will be very low and the fed's balance sheet will be bloated for quite a long time. >> given the issues in europe, why take the risk? why even hint to markets that they may be exiting? or paps why not leave the accommodative can policies in place to help support the global economy? >> as we move into the summer, i think at that point the cost of this continued open ended deposit continues. i think they've come to the conclusion they don't need it as much. i think at that point, europe will probably be a little more stable. >> joe, in a word, jobless claims today, then, critically important. >> very important. i think they'll stay well below 350. >> it's an important level to watch. appreciate your time. from thank you, kelly. >> thank you for joining us on the show today. i'm kelly evans. this has been "worldwide exchange." time now for "squawk box" in the u.s. remember, peop
, then you hit the financial offshore of the environment. the choice should be obvious to the majority, at least to the european monetary union. >> and most people would assume before depositors were ever looked at as a source of cash, it would be the bondholders that got hit. if cyprus has to raise 67 billion and there's only 1.7 billion in bonds to go after, that won't solve the problem. should they still, though, have tried it? >> i think the natural way to proceed is first feed equity, then junior debt and then senior debt and, last, depositors. and that would very last insure the depositors. so yes, indeed. as you rightly pointed out, it's around 11.7 of which the majority is bailin. but the senior debt is just around 300 million, not billion, for the three largest banks. so it's very, very little. >> and angel gorria in that interview was saying next time or in general, someone has to pay and it should be the critters. nevertheless, antonio has to leave us. thank you for your time. we want to get back out to julia. now that russia has basically said, you know, sorry, no, the pres
america's role in the world and it rapidly changing strategic environment, and about america's interests looking forward. and finally i would add the qualification for today's discussion. unlike most former holders of high office in washington, he has been willing over and over again to step outside conventional wisdom when the issue warranted it, taking some risks with his own reputation. general mcmaster is one of a very come one of the most prominent of a very small, very elite, very important class of individuals who have earned the title warrior soldier. he, too, has been willing to critically examine the past, and has done so with such power that rather than ended his military career, the work is ultimately advanced it. his ph.d thesis contained widely influential book, dereliction of duty, lyndon johnson, robert mic, the joint chiefs mic, the joint chiefs of staff, and the lies that led to vietnam. i think the title gives you some idea of his appetite for straight talk. is equally known for brilliance as a combat commander, earning a silver star for leadership in the 1991 gulf war
. cheryl: ideal economic environment, you're looking at the economy even though we had kind of a mixed picture today and then, again, corporate valuations. that's the bulls' side of this. john, i know you're bearish. you're calling for serious corrections on the s&p and dow. you're saying it's going to happen sooner rather than later. what are you seeing on the other side of the coin here? >> well, look, when things are euphoric, which they are, when alan greenspan comes out and says pie stocks along with the movie stars and, of course, our good friend, ned, then you should be looking to sell. and i'd also like to say this, i was on the show here last april 2012, we were pounding the table then, but right now you've got some real headwinds, and i'll give you a few of them. one, gdp is benign, .1%, you know, in fourth quarter of 2012. analyzed numbers are running around 2%, it just isn't keeping up. unfortunately, the treasury market is not confirming here. you know, if the ten-year was at 275, i'd say we'd probably leg up here, not happening. you know, and i think, thirdly, look at ear
, not really. if i got compliance. >> can you at least tell us in this environment, the fed looks like the one thing we've learn side more cover for the fed. i don't know how bad it gets in cypress or whether there is contagion, but the fed will go. >> i think from the u.s. economic perspective, in the last few years of summer slowdowns, it doesn't look like that will happen and we're waiting for pullbacks and maybe we're waiting for an opportunity, but it will be time to wait for equities if you get that. >> i think cramer's here and jim, remember early on we were talking about whether the market knows things and it's like we were looking at that big job's number and we didn't talk about it after it happened and we got six or seven straight new highs and a fiscal cliff. is this what we're seeing today, enough to put anything on hold in your view or do things still look pretty good for our markets here. we did have a series and when you look at the charts this weekend, i cannot believe how many straight ups and take a boeing and it is bad news that indonesia did not go with boeing and that sto
maintain freedom of movement in a variety of complex environments around the globe. that is the joint operational access concept. a subset of that is how the navy and air force are collaborating to achieve that. the army and marine corps also have a role perry to your point about when i am in china about not aimed ate, is china. the united states has interests in the global commons, interest in maintaining freedom of movement, freedom of action, and the things we do at the development of technologies and tactics are fundamentally to guarantee that that freedom will continue to exist, regardless of who is threatening. may i ask you about what you consider is the impact of the non resolution of the palestinian best israeli conflict on the security of the gulf, and what specific challenge that iran presents now can be enhanced or ignored by the resolution of the conflict? >> identify yourself. >> thank you. peacel, the mideast process and those attempting or intending to continue to seek progress in that regard or dumb started, depending on who you are, is outside the realm of the milita
more on that. if we could talk about is the changing energy environment globally and especially in the united states, as the united states becomes more self-sufficient rather than independent, and how that impacts the relationship with our countries? >> yes, you know, i think that -- we have had some divergences. some of it comes down to messaging, as we were saying before. we have the same sorts of reservations and worries about exactly what is the u.s. policy and will the u.s. actually back up those policies as the other allies do. that extend beyond the middle east. the divergence has been the ascendancy of islamic groups. the united states have been relatively sanguine about that. many are worried about the intentions of groups like the muslim brotherhood. when it comes to iran, i think there is a concern amongst the allies we focus on what is exclusively on the nuclear issue, almost as if we are having an arms control negotiations. many of our allies see it in a much broader sense, causing trouble in the region. again, i don't think that the administration doesn't see those
's really challenging environment right now. what we're seeing is the retail economy is not doing that well. so fedex is having a tough go in the near term. it sounds like we'll get more aircraft retardants out of the fleet. that will be good for the cost structure. traffic up 20% this quarter. the ground business was up 10%. so doing very well if we can shrink the air fleet it becomes a much better story. >> you can shrink the air fleet, brandon, but it will have to contend with the fact that consumers, and fedex and ups talked about this in january. consumers are choosing cheaper ways to ship. they're willing to let things ship over a longer period of time. maybe longer in terms of the type of air they choose. and so i'm wondering if they're doing enough to combat the secular change in the business. >> well, that's a real criticism levied against the company. they have a really big ground work. and i think investors have excited about that. but we need a lot of aircraft for overnight dplifrry. be it domestically or from china. so i think investors are looking for them to get aggressive on
rate environment. >>> u.s. equities had been a little bit waerbg. they have been preparing their losses through the morning. dow futures only 11.5 points below fair value. we've been watching what happened overseas in asia. the nikkei was up 1 1/3. in europe, red arrows because of economic numbers. also concerns continuing about cyprus. the cac is done 1.1%. we have positive comments made by fed chairman ben bernanke. >> we'll use models and other indicators and the state of the labor market to try to make a good estimate how much we need to change the rate of flow. but, again, the point is to let the markets see our behavior, to let them see how we respond to changes in the market. and higher levels of purchases or the ultimate facing out of the program. >> in other words, it's not going to be spigot on, spigot off. rick is the head of strategy at wells fargo securities. rick, thank you for joining us this morning. >> thanks for having me. >> you have been right on some big calls in the past. you called it right almost to the day back in march of 2009. >> yeah. >> for the bottom. >> yo
this morning, this shows incremental softness in i.t. spending environment. that's weighing on all tech names. ibm is down 1.25%. that's a huge weight on s&p 500 at this hour. a lots of them we are watching in the tech sector. s.a.p. down 2.5%. crm down 1%. it is taking everything down at this point. >> oracle was bad. can't mince words about it. >> was oracle being bad a sign of what's bad in overall tech spending or was oracle bad more of a sign of what's bad at oracle? or both? >> it is a big government provider. dell is, too. that's hurt dell. this was sloppy execution. deliver, deliver, deliver. are they losing share in the cloud? clearly. they won too many nine-figure deals. at the same time the market says i want to buy that weakness. why is lululemon up? they want to buy that weak fles. looking for caterpillar to bottom today. onshore drillers, one of the weakest markets, he should buy those. things come down, people just want to buy them. >> do you agree with this 1% move on lululemon today? >> that it is up? no. i don't like lululemon. talk about bad execution. they've just been ter
a difficult environment, cameron international, an equipment player, has an enormous backlog. just last week, got a big order from petro. that's one where we expect substantial earnings growth each of the next several years. >> what else? keep it going while we have time. >> keep it going. in addition to that, we're hopeful for edwards life science. it's been a little more controversial. that's the catheter delivered heart valve. there's been debate about the pace of the launch of that. it's at a lower point now. we think expectations are probably more appropriate. and the stock is attractive. that one is also that we have good expectations for. additionally, in the technology space we have pretty good sized positions in google which is perked up on a year to date basis but we think is getting back on track. 12 months ago that was fairly controversial. it's not nearly so controversial now. >> all right. greg, you don't know offhand whether any of those companies are -- have open board seats, do you? >> no, i don't. i'm not aware of that. >> okay. just wondering. >> you have the science backg
in an environment that can be only described as alice in wonder land, how does the fed managing interest rates play into the interpretation of your survey. or does it at all in your opinion? >> well, i'm not sure if they do look at our survey or not. the reading i would take away is more and more are of the view they may start tweaking with the bond buying program. >> now from my perspective. let me make an assumption. let me say in my opinion i don't think they're going to pull back in a big way any time soon from some of these programs. so i guess the question i'm going to ask you this, is the bearish news showing up in con treat terms, not just opinion in your survey, should the interest rates remain tame and they actually have been dropping, what you are saying is that this could be a contrary indicator that's big out there. it can create a spiral where they need to run in and buy futures if rates start to drop. could that not be true as well? >> well, rick, i think you're right in thinking that is a possibility. we don't know for issue if this is a contrary reader or not. if you have reasons t
it into this social environment where you're users are engaging with the content. >> and then there's bill simmons, one of the star pundits of espn, doing live webcasts on youtube with friends. you get to hear his thoughts on the game in realtime. espn didn't sell ads, admitting this is a test run. they've committed zero dollars to ncaa rights and it's a low cost production. easy money. >> that is a business model right there. >>> a lot more still to come. tweet time. could texas be getting ready to hoard some gold? lawmaker wanting them to allow the state and texans to store gold at its own facility with protection of the state. if passed, texas would be the first state to have its own ft. knox, essentially, allow ting it to be protected by the tenth andment. if your home state could make its own protected depository for anything, what would it be and why? tweet us at squawk street and we'll get you responses in the next hour. >> in the meantime, interrupt. i believe we know why the markets have turned south. the head of the eurozone group, what we've seen in cyprus is now a template for future b
? the environment is so different. we have taxes and regulations. is it hard to grow a business in today's world? >> i don't think it's any harder. if you have the passion for what you're doing in believe it and find to let you know, what you are best that and exploit that a stake you will be successful. you know, that's what we have done all along. tracy: debt would be proud. but mitt david, but david founder and ceo. it's all about the passion. thank you. adam: politics. tracy: the compression shirt. adam: know because i no you're going to say something in that whatever response to it. thank you very much. it's tough work. even at that. president obama nominated thomas perez as the next labor secretary this morning. some republicans are already voicing concern about this. and jeff flock is live at the white house. i think the senator from louisiana is already saying no way. >> is going to block this in the senate. does not kill the nomination, but it does create some problems for the administration after thomas perez, the president's pick to lead the labor department is at department of justic
. over and over, our co-chairs heard of the need for an "environment of intellectual curiosity" that encourages innovation. so, third, i want to hold hackathons in tech-savvy cities like san francisco, austin, denver, and new yorkto forge relationships with developers and stay on the cutting edge. fourth, once our new operation is up and running, we will embark on a data and digital road show to demonstrate what campaigns and state parties can do to enhance their own operations. the report recommended getting early buy-in from all partners. fifth, we will upgrade gop. com as a platform, redesigning it to better utilize social media and serve an increasingly mobile audience. sixth, we're setting up an rnc field office in the san francisco area. as we learned with visits to silicon valley and conversations with top tech firms, many of the best minds are on the other side of the country. having an office there will make it easier for technologists to join our efforts, and it can serve as a hub for our data and digital political training. by doing all this, we will enter 2014 and 2
strategic environment and about america's interest looking forward. as aly i would add qualification for today's discussion, unlike most former holders of high office in washington, he has been willing over and over again to step outside conventional wisdom when the issue warranted it, taking some risk with his own reputation. theral mcmaster is one of most prominent of a very small, very easily come a very important class of individuals who have earned the title warrior soldier. he, too, has been willing to critically examine the past, and has done so with such power that rather than in his military career, the work has ultimately advanced it. his ph.d. thesis became a widely influential book. the title gives you some idea of his appetite for straight talk. he is equally known for brilliance as a combat commander, earning a silver star in the 1991 gulf war and even wider recognition for his iraqss in battles in the war. in the rest of that war, he went back-and-forth between field command an important staff positions culminating in his role as the leader of general petraeus's brain
Search Results 0 to 28 of about 29 (some duplicates have been removed)

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